Many people dream of being rich, and while there are definitely upsides to having a lot of money, there are also some drawbacks that come with the territory.
“People are wrong about two things when it comes to getting rich,” Barbara Corcoran said in an interview with CNBC. “I know, because I’ve been poor and I’ve been rich and I’ve been in between, so I could speak to both.”
Here are the two most common misconceptions people have about being rich, according to Corcoran.
Misconception #1: Money Can Buy Happiness
Getting rich doesn’t immediately solve your problems, Corcoran said.
“The problem with being rich is you could get richer, so you start looking towards the next thing that money’s going to buy,” she said. “There are as many miserable rich people as there are miserable poor people, so money has nothing to do with being happier. It really doesn’t.”
Corcoran is speaking from personal experience.
“I’m no happier today than I was when I was dirt-poor,” she said. “You’d think something would have changed. No, I’m still insecure about the same things.”
Misconception #2: Money Won’t Change Your Relationships
While you would hope that your friends and family would treat you the same whether you’re living paycheck to paycheck or bringing in millions, Corcoran said that unfortunately this isn’t the case.
“Money complicates relationships — relationships with your friends, family,” she said. “Everybody’s got a $10,000 problem, they always come to you. That complicates things. Your kids, wills, it just complicates things.”
Corcoran said that because of this, it’s sometimes easier to maintain relationships when you aren’t rich. “When you don’t have a lot of money, things run smoother,” she said.
However, she admits that she’d rather deal with the drawbacks of being rich than not have her wealth.
“I still am happy I have a lot of money!” she said.
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